Oil prices rise on EU's Russian oil ban

Oil prices gained slightly on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its Covid-19 lockdown in Shanghai.

Brent crude for August delivery was up 28 cents, or 0.2 %, at USD 115.95 a barrel. The contract settled down 1.7% on Tuesday.

The front-month contract for July delivery expired on Tuesday at USD 122.84 a barrel, up 1%.

US West Texas Intermediate (WTI) crude rose 37 cents, or 0.3 %, to USD 115.04 a barrel.

Both benchmarks ended May higher, marking the sixth straight month of rising prices.

EU leaders agreed in principle on Monday to cut 90 % of oil imports from Russia by the end of this year, the bloc's toughest sanctions yet on Moscow since the Russian military escalation in Ukraine three months ago, which Moscow calls a "special military operation". (QNA)